re: S & P 500 Index support levels

No prob, I'm a big fan of dollar cost averaging and if your time frame is a ways out I wouldn't mind entering a small position in an index fund...I would choose something that indexes more than the S&P 500. I would also index something like MSCI world index or gain some international exposure.

Don't worry about technicals if you have a long time horizon. Technicals change on literally a seconds notice which is retarded way of investing IMO. I only use technicals on trades and exit and entries

If you want to play the volatility and make money either way look at VXX and other Vix plays but please dear god read about ETNs and the Vix first